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T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... 60 at page 391, wherein it was observed that these directives issued by the rbi to non-banking institutions under chapter iiib of the said act were statutory regulations. this principle was reiterated in rbi v. peerless general finance & investment co. ltd. (1996) 1 scc 642.the nbfc's are bound to comply with such directions ..... and cannot lawfully be assessed on deemed accrual basis.11. in view of the aforesaid submissions, the learned counsel contended that the additions on account of unrealized finance charges, unrealized lease rentals and unrealized interest, sustained by the first appellate authority, should be deleted.12. on the other hand, the learned departmental representative ..... fact that in the books of account the securities were shown as investments. the decision of the hon'ble supreme court in investment ltd. v. cit (1970) 77 itr 533, 538, wherein the apex court had already held that showing the shares and securities in the balance sheet as investments was not decisive of .....

Asstt. Cit, Investigation Circle Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)278ITR41(Chennai)

..... to incorporate a new thing by including section 158bc in section 140a. therefore, according to the learned counsel, at any stretch of imagination, the amendment carried out by finance act, 1999 cannot be treated as retrospective in operation. therefore, according to the learned counsel for the assessee, the provisions of section 140a(3) is not applicable in ..... therefore, if the legislature wanted to apply the provisions of section 140a, they would have expressly stated so. the very. fact that there is no provision in chapter xiv-b for applying the provisions of section 140a, clearly shows that the legislature never intended to apply for provisions of section 140a before 1-6-1999. this ..... was also made clear in the memorandum explaining the finance bill, 1999 by saying that there is no corresponding provision in chapter xiv-b for payment of self assessment tax at the time of the filing the return. since there is no express .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of the provisions of section 14-a.108. the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under:- "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... individuals did not contribute any capital. the three partners contributing the land retired from the partnership w.e.f. august 31, 1970. the land was sold in december, 1973 for rs. 15 lakhs. hon'ble gujarat high court held that where there was a purchase of land if there was ..... land in july, 1959. when the assessee purchased the land the title to the land was in dispute. the land was not yielding any regular income. in april, 1970, the assessee, along with other co-owners, entered into a partnership with 7 other individuals and contributed the land as their capital contribution to the partnership. the other 7 .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... 7 individuals did not contribute any capital. the three partners contributing the land retired from the partnership with effect from 31-8-1970. the land was sold in december, 1973 for rs. 15 lakhs. honble gujarat high court held that where there was a purchase of land if there was ..... in july, 1959. when the assessee purchased the land the title to the land was in dispute. the land was not yielding any regular income. in april, 1970, the assessee, along with other co-owners, entered into a partnership with 7 other individuals and contributed the land as their capital contribution to the partnership. the other .....

Commissioner of Income-tax Vs. Shri B.L. Garg

Court : Allahabad

Reported in : (2006)202CTR(All)145; [2007]289ITR218(All)

..... or an academic subject. 11. section 10 sets down various items of income which are outside the purview of total taxable total income. section 10 of the act is in chapter iii of the act, the heading whereof is ' incomes which do not form part of total income'. the heading of section 10 is quite clear and does not admit any ..... to be exempt under section 10(16) of the act.8. we have given careful consideration to the respective submissions of the learned counsel for the parties. the meaning of word 'scholarship' as per webester's third new ..... that there is no dispute that the amount was paid as scholarship to the assessee's son by the company. the payment was made gratis. section 10 of the act grants exemption to certain incomes. elaborating the argument it was submitted that even assuming for the sake of argument that the amount of scholarship was perquisite, it is liable .....

Madurai District Central Co-operative Bank Ltd. Vs. Third Income-tax O ...

Court : Supreme Court of India

Reported in : [1975]101ITR24(SC); (1975)2SCC454

..... a deduction of income-tax is admissible. section 3, by its terms, has precedence over anything contained in chapter vii or chapter viii-a or in section 110 of the income-tax act or section 2(5) of the finance act itself. additional surcharge is treated in this way as falling in a separate category. 27. thus, additional ..... one relating to borrowings by the central government from a class of taxpayers. that scheme was introduced by finance act 5 of 1964, which incorporated chapter xxii-a containing sections 280a to section 280x in the income-tax act, 1961. the challenge was repelled by this court on the ground that if parliament had the legislative ..... . v. commissioner of income-tax : [1959]36itr65(sc) , chakravartti c. j., delivering the judgment of a division bench, observed that the finance acts, though annual acts, are not necessarily temporary acts, for they may and often do contain provisions of a general character which are of a permanent operation. 15. in hari krishna bhargav v. union .....

Cargo Clearing Agency (Gujarat) Vs. Joint Commissioner of Income Tax

Court : Gujarat

Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)

..... from 1st july, 1995 and will, accordingly, apply in relation to the assessment year 1996-97 and subsequent years.12.3. the finance act, 2001 carried out certain amendments in chapter xiv-b of the act. but the said amendments were made effective from 01.06.2001. the relevant extract of cbdt circular no. 14/2001-04 dated 12 ..... by section 158bb. if section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv-b, even prior to june 1, 2002.15. under section 158bb, there is the theory of 'block period'. it is ..... special procedure for assessment of search cases. the legislative history of the said chapter, inclusive of all relevant amendments till date, may be borne in mind to appreciate the controversy. the said chapter was inserted by the finance act, 1995. the scope and effect of the said chapter has been explained by central board of direct taxes (cbdt) by issuing .....

Cit Vs. Kei Industries Ltd.

Court : Delhi

..... from the assessment year 2001-02, which the section initially did not want to confer. tei technologies (supra) also noted that section 10a, even after substantial amendment by the finance act, 2000, was retained in chapter iii of the act, despite change in the language of sub-section (1). the court ruled that it was open to the legislature to transpose the section from ..... 72.10. in tei technologies (supra), this court noticed the legislative history of various provisions, including those relating to exemptions and, inter alia, chapter iii. the court then took note of the retrospective amendment in 2003: 13. the finance act, 2003 made significant changes both with prospective and retrospective effect from the assessment year 2001-2002. the significant retrospective amendment was the one .....

In Re: Advance Ruling P. No. 10 of

Court : Authority for Advance Rulings

Reported in : (1997)224ITR473AAR

..... order to put an effective curb on the proliferation of such trusts, and to reduce the scope for tax avoidance through such means, the finance act, 1970, has replaced section 164 of the income-tax act by a new section. under section 164 as so replaced, a 'representative assessee', who receives income for the benefit of more than one ..... of any assessee who is directly assessed under section 4 of the act read with the provisions of the relevant finance act, the rates mentioned in section 112 in respect of capital gains will prevail over the rates prescribed under the finance act. this is so because chapter xii contains provisions for certain special cases and will prevail over the ..... rates. this is also made clear by section 2(3) of the relevant finance act (the act of 1995 is considered here but there is a similar provision in other finance acts as well) : " section 2(3). in cases to which the provisions of chapter xii or chapter xiia or sub-section (1a) of section 161 or section 164 or section .....

M/S Fibre Boards (P) Ltd Bangaloare Vs. Cit Bangalore.

Court : Supreme Court of India

..... be applied simultaneously. section 80 is a special provision. it deals with certain class of suits distinguishable on the basis of their particular subject matters. (at para18) 14. further, the finance act which omitted the whole of chapter xxii-b of which section 280y(d) is a part, in its notes on clauses stated: clause 46 seeks to omit ..... the constitution bench in rayala corpn. case [(1969) 2 scc412: (1970) 1 scr639 . in our considered view the ratio of the said decision squarely applies to the case on hand. 23. the kolhapur canesugar works ltd. judgment also concerned itself with the applicability of section 6 of the general clauses act to the deletion of rule 10 and 10a of the central .....